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Ann: Supreme Court Winding Up Order on GoConnectAustralia Pty Ltd, page-15

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darcy7

315 Posts.

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24/10/14

14:19

Post #: 14177278
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Originally posted by jefferies2 ↑

darcy7

I have looked again at the last GCN annual report.

It is difficult to see how the listed company can remain solvent. Its current liabilities are $4,847,994. Its assets total $4,933,878. The intangible assets make up a whacking $4,336,471 of that sum. Being almost entirely goodwill, they don't look to be intangible assets that can be readily monetised in order to pay debts.

Interestingly, at $4,847,994 the total current liabilities fall just a squeak under the assets - $85.984 under the assets. So not much of a margin for GCN to play with, without trading while insolvent. That could happen if the liquidator took any assets from the parent company GCN.

And it is sobering to remember the advice by ASIC at

http://tinyurl.com/d8jfas3

"An insolvent company is one that is unable to pay all its debts when they fall due for payment."

Presumably that means all the current liabilities of $4,847,994.

Anyway, it is the liquidator and ASIC who now stand at centre stage, not ASX and GCN as I had originally thought.

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If there is no call on the debt than I guess there is no default but with no income surely
the day of reckoning must be near.
Not sure if the liquidator will look any further than the Company in question ,this has to be up to ASIC

GCN Price at posting: 0.8¢ Sentiment: None Disclosure: Not Held
2 Upvote

0 Great analysis

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